The price paid for Capital Square, a 16-storey office tower with two rows of shophouses, works out to about S$2,300 per square foot. The complex's tenants include Citigroup , Morgan Stanley and Aberdeen Asset Management .

A fund whose investors include German insurer Ergo was the seller of the property.

Keppel Land said Alpha Investment, which made the investment through its $1.2 billion Macro Trends Fund, is now planning to launch a follow-on fund. The Macro Trends Fund, which was started in 2007, has to-date returned about 24 percent per annum.